SBA Reports Money Left in PPP expires June 30, 2020 with New Forgiveness Rules

06/21/2020

SBA Reports Money Left In The Paycheck Protection Program

Amount of Funding Remaining $129,753,635,070

The above number is an approximation SBA is currently revising remaining funds amount with the enactment of the Paycheck Protection program Flexibility Act of 2020. Available funds captures approvals net of cancellation as well as loan increases, decreases, and reinstatements. This approximation accounts for statutory program costs.

Deadline for applying for Paycheck Protection Program Loans is June 30, 2020.

SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program

WASHINGTON – Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 

 Click Here to view the EZ Forgiveness Application.

Click Here to view the EZ Forgiveness Application instructions. 

Click Here to view the Full Forgiveness Application.

Click Here to view the Full Forgiveness Application instructions.